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Geron Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
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Geron Corporation (NASDAQ: GERN) announced the granting of a non-statutory stock option for 400,000 shares of common stock to a newly hired employee. The option was awarded on September 15, 2021 with an exercise price of $1.36, matching the stock's closing price on that date. The option has a 10-year term, vesting in increments over four years, with 12.5% vesting after six months. This grant complies with Nasdaq Listing Rule 5635(c)(4) and aligns with Geron’s 2018 Inducement Award Plan.
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Geron Corporation (Nasdaq: GERN) today reported that it has granted a non-statutory stock option to purchase an aggregate of 400,000 shares of Geron common stock as an inducement to a newly hired employee in connection with commencement of employment with the Company.
The stock option was granted on September 15, 2021 at an exercise price of $1.36 per share, which is equal to the closing price of Geron common stock on the date of grant. The stock option has a 10-year term and vests over four years, with 12.5% of the shares underlying the option vesting on the six-month anniversary of commencement of employment and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates. The option was granted as material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and is subject to the terms and conditions of the stock option agreement covering the grant and Geron’s 2018 Inducement Award Plan, which was adopted December 14, 2018 and provides for the granting of stock options to new employees.
About Geron
Geron is a late-stage clinical biopharmaceutical company focused on the development and potential commercialization of a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. The Company currently is conducting two Phase 3 clinical trials: IMerge in lower risk myelodysplastic syndromes and IMpactMF in refractory myelofibrosis. For more information about Geron, visit www.geron.com.
What stock option was granted by Geron Corporation?
Geron Corporation granted a non-statutory stock option to purchase 400,000 shares of common stock.
What is the exercise price of the stock option granted by GERN?
The exercise price is $1.36 per share.
When was the stock option granted by Geron Corporation?
The stock option was granted on September 15, 2021.
How long is the term for the stock option granted by GERN?
The stock option has a 10-year term.
What are the vesting terms for the stock option granted to the new employee?
The option vests over four years, with 12.5% vesting on the six-month anniversary of employment, and remaining shares vesting monthly over the next 42 months.
